Four countries drove ultra-prime 2023 sales

London’s ultra-prime housing market for multi-millionaire and billionaire buyers rose by 10% in unit sales and 25% by value of property sold during 2023, new data shows.

A survey by ultra-prime agency brand Beauchamp Estates has found there were 54 sales for luxury properties priced over £15m in 2023, compared with 49 sales in 2022.
This was driven by American, Saudi Arabian, UAE and Chinese buyers, the agent said.

Beauchamp Estates estimates that during 2023, 60% of the deals in prime central London (PCL) for homes valued over £15m were to buyers from just four countries – the United States, Saudi Arabia, the United Arab Emirates and China – who purchased around £780m worth of luxury property; with Indian, Israeli and Nigerian buyers being the other key acquirers of luxury homes in London during the 12 months.

Beauchamp Estates said around 70% of all £15m-plus deals during 2023 were cash purchases, up from 60% in 2022 and 45% in 2021. 

In both 2023 and 2022, the busiest sales period for billionaire homes was  between March to April and during October to December, according to the research.

Beauchamp Estates is now forecasting that properties priced above £15m will rise by 1% or 2%, with the volume of deals likely to rise by 10%.

Gary Hersham, founding director of Beauchamp Estates, said: “During 2023 the volume of £15m plus deals in London’s ultra-prime housing market rose by 10% in unit sales and 25% by value of property sold, with the market dominated by buyers from just four countries – the United States, Saudi Arabia, the United Arab Emirates and China. 

“Buoyant oil and gas prices and booming domestic property markets have generated huge cash reserves in Saudi Arabia, Abu Dhabi and Dubai and the Sheikhs have chosen to invest a significant chunk of these revenues in London super-prime residential property. 

“The Middle East and American buyers have made their purchases in London’s so-called ‘platinum triangle’ - Mayfair, Belgravia and Knightsbridge – which is why these three addresses have been where the most £15 milion plus deals have taken place in 2023. During 2023, just as in 2022, there was effectively one billionaire buyer property deal per week in Central London, which indicates that the capital’s residential real estate is viewed as a proven safe haven and stable asset class.”